The Shiba Inu is one of those altcoins that annoys as much as it intrigues. Far, very far from the dreamed and trumpeted dollar of yesteryear, the token oscillates without a compass. The burnings follow one another, but the falls remain more violent than the beating of a butterfly’s wings. At one time, these massive destructions served as spectacular springboards. However, operational magic seems to have lost its splendor.
In brief
- Shiba Inu burned 110 million tokens on July 8, its biggest burn in six months.
- However, the price of SHIB fell by 5% over the day and 9% over the month.
- The total supply remains colossal with 585 trillion SHIB in circulation, making burning insignificant.
- Memecoins’ market share collapsed from 10% to 3.7% in two years.
110 million SHIBs gone up in smoke, the price plummets again
On July 8, 2026, the Shiba Inu community completed its largest burn in six months. More than 110 million SHIBs were sent to dead wallets, permanently removed from circulation.
A wallet linked to Robinhood led the way by burning 109 million tokens in a single transaction. The smaller wallets completed the rest of the operation.
This massive destruction should, in theory, have supported the price. Yet, SHIB fell 5% on the day and 9% on the month. The token is now moving in a narrow range, without managing to break out of its immobility.
Weekly burns increased to 152 million, an increase of 55.77%. This burst of activity, however, has not convinced the most seasoned traders.
Meanwhile, the whales dumped over 1 trillion SHIB on exchanges, wiping out any positive effects of the burns.
585 trillion tokens: the ocean that burning cannot dry up
Since its launch, the Shiba Inu community has burned over 410 trillion tokens. Yet there are still 585.6 trillion SHIBs in circulation. Even if we maintained the record pace of July 8 for an entire year, we would only manage to reduce a tiny fraction of this colossal mass.
In May 2021, Vitalik Buterin, co-founder of Ethereum, received half of the total SHIB supply as an unsolicited gift. He burned 410.24 trillion tokens, or $6.7 billion at the time. This single event still represents almost all of all SHIBs ever destroyed.
Recent community burning is therefore just a drop in the ocean. Trader James Wynn has also described SHIB as “dead”. Whales continue to shed positions, a sign that confidence is crumbling.
The real problem is not on the supply side, but on the demand side. And this is evaporating from the memecoin sector.
The free fall of memecoins hits Shiba Inu head on
As of Q4 2024, memecoins accounted for over 10% of the total altcoin capitalization. Today, this share has fallen to 3.7%. Dogecoin suffered heavy retail sales, while memecoin dominance hit a two-year low.
Capital is fleeing the sector, and burns are not enough to reverse this serious trend. Memecoin bull cycles have always been fueled by renewed retail interest, not supply mechanisms. Traders therefore do not reward deflationary securities in the absence of real demand.
Analysts believe that the adoption of Shibarium, Shiba Inu’s layer 2 blockchain, will have more impact on the price than any burn. The real battle is being fought elsewhere, on the side of usefulness and adoption. Until interest in memecoins returns, burning will only have a marginal impact on prices.
Key figures to remember:
- Burn record of July 8: 110 million SHIB;
- Total circulating supply: 585.6 trillion SHIB;
- Historic burning of Vitalik: 410.24 trillion SHIB;
- SHIB price at the time of writing: $0.00000427.
Regardless of the gray areas crossed, the Shiba Inu did not fail to shine at the end of June. The historic milestone of 1.6 million holders has been reached. Proof that the community is resilient, despite market shocks.
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